Despite his father's advice not to gamble, the young squirrel still insists on the "easy way" on getting his nuts for winter. Before the first snow comes, the young squirrel is told to get their winter supply of nuts from the First Nutional Bank, and just before he leaves the front door, his father reminds him "And remember; no gambling!". On his way home with the nuts, the young squirrel sees a stranger who offers him a game of chance, and the foolish young squirrel (ignorning his father's warning) quickly jumps at the chance. The foolish young squirrel loses at every chance game.

The squirrel is out of luck and now out of the entire supply of winter nuts. The snow starts to fall and the foolish squirrel heads home with no nuts and no luck in telling his father the truth. So, as he enters his home he makes up a lie and tells his father that he was robbed by bandits, jumped and badly attacked by them. But his lying ends very quickly as he discovers that the stranger who won the nuts from him is none other than his own father, who did it to teach his gambling son a lesson. The lesson, however, does not work. When his father is about to give his son ten lashes, he tells his father "I'll flip you for it, double or nothing". The episode ends with the foolish squirrel getting spanked.